This question is about why my QBI deduction seems so low. My QBI is $259,220.92 and my taxable income before QBI deduction is $228,331.35.
On 8995A I take the excess above $182100 (filing single) of my taxable income and this gives me $46231,35, which gives a 92.5% when divided into $50000.
I subtract this number from 20% of my QBI (51844.18) and I am left with just $3888.31 as my QBI deduction to put on Line 13 of the 1040. Is this accurate? I pay myself no W2 wages. I only have income from the Schedule C.
It makes no sense that I would have had such a larger QBI deduction if I was at $182100 or less. If I were there, I would have gotten 20% of it, but this number amounts to just 1.5% of my QBI.
Can this actually be accurate?
